SMS INFI: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SMS INFI
Largest movements
- Cash +€23,883
up €23,883 (+77.7%), from €30,729 to €54,612
mainly Trade debts (+€24,314) and Depreciation (+€20,431)
- Receivables within one year +€20,424
up €20,424 (+53.3%), from €38,323 to €58,748
of which Other amounts receivable: +€14,608
- Intangible fixed assets -€20,000
down €20,000 (-15.9%), from €126,137 to €106,137
- Trade debts +€24,314
up €24,314 (+94.1%), from €25,835 to €50,148
- Profit (loss) carried forward +€13,549
up €13,549 (+9.7%), from €139,396 to €152,945
- Current portion of long-term debt -€7,885
down €7,885 (-57.7%), from €13,676 to €5,791
- Debts after one year -€5,791
no longer reported in 2025 (was €5,791)
- Gross operating margin -€36,015
down €36,015 (-47.8%), from €75,320 to €39,305
- Taxes -€8,608
down €8,608 (-64.9%), from €13,268 to €4,660
- Financial charges -€1,146
down €1,146 (-70.1%), from €1,637 to €490
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,621 | €219,497 | +€23,876 | +12.2% |
| Fixed assets | 21/28 | €126,568 | €106,137 | -€20,431 | -16.1% |
| Intangible fixed assets | 21 | €126,137 | €106,137 | -€20,000 | -15.9% |
| Tangible fixed assets | 22/27 | €431 | - | -€431 | |
| Furniture and vehicles | 24 | €431 | - | -€431 | |
| Current assets | 29/58 | €69,053 | €113,360 | +€44,307 | +64.2% |
| Amounts receivable within one year | 40/41 | €38,323 | €58,748 | +€20,424 | +53.3% |
| Trade receivables | 40 | €37,591 | €43,408 | +€5,816 | +15.5% |
| Other amounts receivable | 41 | €732 | €15,340 | +€14,608 | +1995.3% |
| Cash at bank and in hand | 54/58 | €30,729 | €54,612 | +€23,883 | +77.7% |
| Total equity and liabilities | 10/49 | €195,621 | €219,497 | +€23,876 | +12.2% |
| Equity | 10/15 | €145,396 | €158,945 | +€13,549 | +9.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,396 | €152,945 | +€13,549 | +9.7% |
| Amounts payable | 17/49 | €50,225 | €60,552 | +€10,327 | +20.6% |
| Amounts payable after more than one year | 17 | €5,791 | - | -€5,791 | |
| Financial debts | 170/4 | €5,791 | - | -€5,791 | |
| Amounts payable within one year | 42/48 | €43,594 | €60,552 | +€16,958 | +38.9% |
| Current portion of amounts payable after more than one year | 42 | €13,676 | €5,791 | -€7,885 | -57.7% |
| Trade debts | 44 | €25,835 | €50,148 | +€24,314 | +94.1% |
| Suppliers | 440/4 | €25,835 | €50,148 | +€24,314 | +94.1% |
| Other amounts payable | 47/48 | €4,083 | €4,613 | +€530 | +13.0% |
| Accrued charges and deferred income | 492/3 | €841 | - | -€841 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,481 | €20,431 | -€50 | -0.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €75,320 | €39,305 | -€36,015 | -47.8% |
| Operating profit (loss) | 9901 | €54,451 | €18,474 | -€35,977 | -66.1% |
| Financial income | 75/76B | €3 | €225 | +€222 | +8267.3% |
| Recurring financial income | 75 | €3 | €225 | +€222 | +8267.3% |
| Financial charges | 65/66B | €1,637 | €490 | -€1,146 | -70.1% |
| Recurring financial charges | 65 | €1,637 | €490 | -€1,146 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | €52,817 | €18,209 | -€34,608 | -65.5% |
| Income taxes | 67/77 | €13,268 | €4,660 | -€8,608 | -64.9% |
| Profit (loss) for the period | 9904 | €39,549 | €13,549 | -€26,000 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,549 | €13,549 | -€26,000 | -65.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.